Analysts highlighted a token that dropped by 100% in less than an hour

According to DEX Screener, on the morning of May 3, the new friend. tech token FRIEND was trading at around $ 170. However, in less than an hour, the price of the asset dropped by almost 100%, breaking through the $ 2 mark.

on May 3, the friend. tech blockchain-based social network token FRIEND was launched. At the same time, the team distributed more than 13 million tokens to early users and launched V2. FRIEND debuted at $ 169, but in a matter of hours, its value plummeted to $ 2.02 and then fell to $ 0.97.

Such a significant jump may be due to a sale organized by the biggest friend. tech whale. According to BaseScan, a few hours after the airdrop began, the address 0xA0A0406D9564948fDe6A04f5A028262d3c2F4FD9 dumped 55,000 newly issued FRIENDs. The asset’s price was also negatively affected by complaints from users who could not receive free coins from the project.

Along with the launch of its own token and airdrop, the decentralized network has also updated to a new version. It introduced a number of features, including Money Club and the ability to exchange FRIEND tokens. The V2 rollout also included smart contracts of the new version of the platform. An expert in decentralized finance (DeFi) under the nickname Ignas at X called friend. tech V2 a «big failure.» According to him, the app is now unusable.